SECURED FINANCING

The Company had outstanding $78.0 billion and $77.7 billion of repurchase agreements with weighted average borrowing rates of 1.70% and 1.89%, after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 72 days and 58 days at March 31, 2018 and December 31, 2017, respectively.

At March 31, 2018 and December 31, 2017, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:



	March 31, 2018
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Commercial Loans		Commercial Mortgage-Backed Securities		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	—	$	—	$	—	$	—	$	—	$	—	—
2 to 29 days	38,894,346		326,985		281,627		—		24,220		39,527,178		1.76	%
30 to 59 days	8,619,507		—		—		—		—		8,619,507		1.67	%
60 to 89 days	10,215,074		—		27,972		—		—		10,243,046		1.83	%
90 to 119 days	5,378,231		—		—		—		—		5,378,231		1.63	%
Over 120 days ⁽¹⁾	13,856,340		—		—		391,129		—		14,247,469		2.19	%
Total	$	76,963,498	$	326,985	$	309,599	$	391,129	$	24,220	$	78,015,431	1.83	%



	December 31, 2017
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Commercial Loans		Commercial Mortgage-Backed Securities		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	—	$	—	$	—	$	—	$	—	$	—	—
2 to 29 days	33,421,609		263,528		253,290		—		18,125		33,956,552		1.69	%
30 to 59 days	10,811,515		7,229		3,658		—		6,375		10,828,777		1.44	%
60 to 89 days	13,800,743		7,214		47,830		—		—		13,855,787		1.59	%
90 to 119 days	10,128,006		—		—		—		—		10,128,006		1.39	%
Over 120 days ⁽¹⁾	8,542,108		—		—		385,113		—		8,927,221		1.77	%
Total	$	76,703,981	$	277,971	$	304,778	$	385,113	$	24,500	$	77,696,343	1.61	%

(1) Approximately 0% and 1% of the total repurchase agreements had a remaining maturity over 1 year at March 31, 2018 and December 31, 2017, respectively.

Repurchase agreements and reverse repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements permit netting. The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.



	March 31, 2018						December 31, 2017
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	3,375,459		$	81,190,431		$	1,250,000		$	78,946,343
Amounts Offset	(3,175,000		)	(3,175,000		)	(1,250,000		)	(1,250,000		)
Netted Amounts	$	200,459		$	78,015,431		$	—		$	77,696,343

The Company also finances a portion of its financial assets with advances from the Federal Home Loan Bank of Des Moines (“FHLB Des Moines”). Borrowings from FHLB Des Moines are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition. At March 31, 2018, $3.6 billion of the advances matures between one to three years. At December 31, 2017, $2.1 billion of advances from the FHLB Des Moines matured beyond three years and $1.4 billion matures between one to three years. The weighted average rate of the advances from the FHLB Des Moines was 2.05% and 1.49% at March 31, 2018 and December 31, 2017, respectively. The Company held $147.9 million of membership and activity-based stock in the FHLB Des Moines at March 31, 2018 and December 31, 2017, which is reported at cost and included in Other assets on the Company’s Consolidated Statements of Financial Condition.

Investments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $87.6 billion and $275.2 million, respectively, at March 31, 2018 and $87.0 billion and $267.3 million, respectively, at December 31, 2017.